SeaTwirl’s annual report for the fiscal year 2016/2017 is now available

IMPORTANT EVENTS AFTER THE PERIOD

• Another two people have been hired, one of whom for business development.
• A Norwegian subsidiary with organizational id: 995 285 355 under name change to SeaTwirl AS was purchased on October 2nd, 2017.
• Patent granted in Europe for a turbine construction that can withstand hard winds.
• SeaTwirl was given a grant of 500 000 SEK from Vinnova in December 2017.

GENERAL INFORMATION ABOUT THE BUSINESS

SeaTwirl AB develops a new type of floating wind power in the form of a vertically shafted wind turbine. The goal, in time, is to be able to deliver large wind turbines that has a lower cost of energy than the current bottom-based wind turbines. SeaTwirl is a development company that builds its competence by stepwise building larger and larger units. The prototype in Lysekil (SeaTwirl, S1), which is the second prototype, was launched in the summer of 2015 and has since then been tested. The experience gathered have been used to start construction on a 1 MW turbine which is slated for installation during 2020. After that, bigger systems will be constructed. During December of 2016 SeaTwirl was listed on Nasdaq First North and in conjunction with the listing took in 24 MSEK in an IPO. SeaTwirl AB had by the end of the period six full time employees in addition to consultants for some special fields. In addition, the company was strengthened with a part time CFO. Several patents were granted: one that facilitates maintenance and reduces downtime. One in the US that makes a turbine able to withstand hard winds.

OWNERSHIP

As of 2017-08-31 the ownership was as follows:
Knut Claesson, 34,2%
Ehrnberg Solutions AB, 9,6%
Almi Invest AB, 9,4%
GU Ventures AB, 8,1%
Others, 38,7%

The report is available for download, in Swedish only, under Investor Relations.